The holder of Ethereum’s diamond hands earns $131.72 million in 2 years

A cryptocurrency investor, by investing in Ether (ETH) during the 2022 bear market and holding it through uncertain market conditions for two years, achieved a profit of $131.72 million.

The blockchain analytics company Lookonchain has identified the Ethereum wallet address of a diamond-handed investor, highlighting long-term losses linked to panic selling. “Diamond hands” refers to individuals who hold their investments through market volatility and price fluctuations.

According to Lookonchain, an investor purchased 96,639 ETH from the cryptocurrency exchange Coinbase between September 3 and 4, 2022. At that time, Ether was trading at around $1,567.

Profit through the HODL strategy

As a result, the whale investor acquired $151.42 million worth of ETH tokens in this process.

In March 2024, the investor transferred over 72% of their initial investment (70,000 ETH) to the crypto exchange Kraken through several transactions. At the time of the transfer, the market price of Ether was $3,062, equivalent to $214.34 million.

Aside from the recent transfers to Kraken, the investor holds 26,639 ETH from the original purchase, which is currently worth $68.81 million.

Diamond-Handed Investors Eye Memecoins

Over the years, the buy-and-hold mentality has enabled cryptocurrency investors to achieve high long-term returns.

Recently, a Shiba Inu (SHIB) investor with diamond hands made $1.1 million in profit after a $2,625 investment and a three-year wait. Lookonchain noted:

After 3.5 years of sleeplessness, the extraordinary diamond trader finally sold SHIB for a profit. He spent $2,625 to buy 48.09 billion SHIB on February 1, 2021, and just now sold it for $278.7 ETH ($1.1 million), marking a 419-fold increase!

This transaction occurred two weeks after another savvy crypto trader turned $3,000 into $46 million by trading the memecoin Pepe (PEPE) during the GameStop saga, which boosted the prices of some memecoins.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button